India extends $500-million line of credit to Myanmar
28 May 2012
India has extended a $500-million line of credit to Myanmar even as the two countries signed a number of agreements covering a range of sectors, including air services, joint trade and investment, and border trade centres as the two countries embark on a ''new journey'' of bilateral cooperation.
The Export-Import Bank of India and Myanmar Foreign Trade Bank signed the memorandum of understanding (MoU) for the $500-million credit line.
The line of credit was agreed upon in October last year during the visit of the Myanmar President to New Delhi.
Myanmar has invited Indian investments in areas like ports, highways, oil and gas, plantation, manufacturing, hospitality and ICT. The two countries have already set up a trade and investment forum to enable timely and accurate exchange of information and ideas.
Visiting Indian Prime Minister Manmohan Singh and Myanmar President Thein Sein said both governments would work to identify and remove various impediments to bilateral trade.
On the first visit by an Indian prime minister to Myanmar in nearly 25 years, Manmohan Singh said New Delhi was committed to Myanmar's economic development.
''We have embarked on a new journey of bilateral cooperation'', Singh told Thein Sein, adding ''we are committed to strengthening our economic and development partnership''.